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Foxtons gets set for major expansion

15 September 2010
Written by rosalind renshaw

Foxtons is to launch another 20 offices in London and Surrey, despite possible black clouds over the market and losses of £900,000 last year.

The agency, however, has reported a turnaround in the first half of this year, with pre-tax profits of £16.7m.

After running into difficulty last year, Bank of America and Japanese bank Mizuho came to the rescue by taking a combined majority stake in the business in return for writing off £180m in debt.

Foxtons now plans to expand aggressively over the next three years: 20 more branches will take it to almost 50.

Michael Brown, chief executive of Foxtons, said: “We are heading for a good financial year again, with both our sales and lettings performing strongly. The signs are that we are increasing market share with our existing branches.

“We see a good deal of organic growth potential and we are actively opening new offices to expand into London areas we’ve not been in before.”

Comments

  • icon

    had their day.........

    • 15 September 2010 23:15 PM
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